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KWG

The Canadian Chrome Company

PRESS RELEASE NO. 359R

Subordinate shares issued & outstanding (CSE-CACR) 1,277,701,132

Convertible into Multiple-voting shares (100:1) equal to: 12,777,011

Multiple-voting shares issued & outstanding: 9,428,563

If all shares convert to Multiple-voting (CSE-CACR.A) 22,205,574

KWG ANNOUNCES EXTENSION OF ITS PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES AND APPOINTMENT OF NEW DIRECTOR

Toronto, Canada, September 3, 2024 – KWG Resources Inc. (CSE: CACR and CACR.A), which carries on business as The Canadian Chrome Company (“CCC”, “KWG” or the “Company”) (The Canadian Chrome Company is a registered business style of KWG Resources Inc.), is pleased to announce that its board of directors approved on August 29, 2024, an increase and extension of its previously announced private placement (the “Private Placement”) of Series CD-2024 convertible debentures (the “Debentures”). This increase raises the maximum of the Private Placement to an aggregate of $5,000,000 of Debentures on the same terms as previously announced (see the Company’s news releases dated May 13, 2024, June 27, 2024, August 2, 2024, and August 15, 2024).

On August 2 and August 15, 2024, KWG closed two tranches of the Private Placement by issuing an aggregate of $2,500,150 of Debentures, with a third tranche of the Private Placement anticipated to close by the end of September 2024. This news release shall not constitute an offer to sell nor the solicitation of an offer to buy securities.

KWG also announces the appointment, effective August 29, 2024, of Jeffrey Steiner as a member of the board of directors of the Company, to fill a vacancy. Mr. Steiner, an Ontario lawyer and businessman, was the Chief of Staff to Canada’s Minister of Indian Affairs & Northern Development earlier in his career. He participated in the creation of the Territory of Nunavut and the Yukon comprehensive land claims & self-government settlement. He is currently the Chair of the Canada-Saudi Business Council and was previously a founding director and Chair of the Canada-UAE Business Council. Middle Eastern investment in the mining sector has been substantial recently. Last May, UAE’s AD Ports Group announced signing an MOU with Vale S.A. (“Vale”) for the supply of 50 million tons of iron to its Mega Hub to supply low carbon steelmaking. The Ring of Fire’s chrome discoveries may harbor the potential to deliver in future complimentary chrome for low carbon stainless-steelmaking. Additional carbon reductions may be derived in stainless-steelmaking by utilizing the direct reduction method developed and patented by KWG. Saudi Arabia’s national mining company Ma’aden, in a joint investment, became a 10% shareholder of Vale in April 2024. Vale had previously acquired all of Canada’s Inco in 2006.

This news release corrects the date of these events initially announced in the Company’s news release on August 30, 2024.

About The Canadian Chrome Company:

KWG, which carries on business as The Canadian Chrome Company, is an exploration stage company that is focused on the identification, acquisition, consolidation, exploration, development, and evaluation of large-scale deposits of minerals including chromite, base metals, and strategic minerals. It also focuses, where applicable, on the development of transportation links to access remote areas where these deposits may be located. In respect of chromite, KWG is the owner of 100% of the Black Horse chromite project (formerly part of Fancamp’s “Koper Lake-McFaulds” properties), in which Bold Ventures Inc. is carried through exploration of the former Fancamp claims for 10% of the chromite project. KWG also holds other area interests, including a 100% interest in the Hornby claims, a 15% vested interest in the McFaulds copper/zinc project, and a vested 30% interest in the Big Daddy chromite project. KWG also owns 100% of Canada Chrome Corporation (the “Subsidiary”), which staked mining claims between Aroland, Ontario (near Nakina) and the Ring of Fire. The Subsidiary has conducted a surveying and mineral and soil testing program to explore for minerals and to assess the prospects for the engineering and construction of a railroad along that route between the Ring of Fire and Aroland, Ontario, covering the claims staked by the Subsidiary.

The Subsidiary identified deposits of aggregate along the route and made applications for 32 aggregate extraction permits. The Subsidiary engaged Cormorant Utilities and Rail-Veyor Technologies for Engineering Proposals for the construction of a transportation and utility corridor within the route to connect the Ring of Fire area to transportation and electrification systems which run through Nakina, Ontario (near Aroland), connecting to southern Ontario and the rest of Canada, and has received those proposals. These proposals include electrification systems connecting to several First Nations communities in the James Bay Lowlands, including the Ring of Fire area.

KWG has also acquired intellectual property interests, including a method for the direct reduction of chromite to metallized iron and chrome using natural gas. KWG subsidiary Muketi Metallurgical LP has acquired two chromite-refining patents in Canada and one in each of the USA, South Africa, and Kazakhstan, and is prosecuting an application in Turkey.

For further information, please contact:

Bruce Hodgman, Vice-President: 416-642-3575 ~ [email protected]

Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and KWG disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

Disclaimer: Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

View the PDF here.